Are Observed Capital Structures Determined by Equity Market Timing?

By Armen Hovakimian. Journal of Financial and Quantitative Analysis, 2006

356 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/52e409109fec8d52a982cbcaf912e3e191f9feac

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Citations in the corpus

The Pecking Order, Debt Capacity, and Information Asymmetry (2010, unknown): “To do so, we follow other studies such as Chen and Zhao (2003), Hovakimian (2006), Hovakimian, Opler, and Titman (2001), Korajczyk and Levy (2003), and Leary and Roberts (2005), that identify financing decisions as relative changes in debt and equity above a given size threshold.”
Capital structure and law around the world (2011, unknown): “It is not suggested that both variables explain different theories, namely market timing, but as Hovakimian (2006) refers, EFWA contains information about the firm’s growth opportunities not observed by current market-to-book.”
Equity market timing and capital structure: International evidence (2008, unknown): “Similarly, Flannery and Rangan (2006), Kayhan and Titman (2007), Alti (2006) and Hovakimian (2006) suggest that the impact of equity market timing on leverage is short lived.”
The Determinants of Capital Structure: Capital Market-Oriented versus Bank-Oriented Institutions (2008, unknown): “However, Hovakimian (2006) shows that the timing of equity issuance does not have any significant long-lasting impact on capital structure.”
Firms' Histories and Their Capital Structures (2004, unknown): “5) Leverage deficit: Hovakimian, Opler, and Titman (2001) show that the leverage”
Macroeconomic Conditions and Capital Structure Adjustment Speed (2010, unknown): “(Ranjan and Zingales, 1995; Hovakimian, 2003; Hovakimian et al., 2001; Fama and French, 2002; Flannery and Rangan, 2006).”
Corporate Governance and the Dynamics of Capital Structure: New Evidence (2014, background): “Firms with higher R&D expenditures are inclined to have unique assets and develop unique products, which may imply higher bankruptcy costs, as noted by Titman (1984) and Hovakimian et al. (2004). Thus, firms with higher R&D and selling expenses will prefer to have lower leverage ratios to protect th”
The impact of climate change on the cost of bank loans (2020, unknown): “Similarly, firms with higher market-to-book ratio have higher valuations and greater growth opportunities (Hovakimian 2006), and are, therefore, expected to have lower interests on their loans.”
Back to the Beginning: Persistence and the Cross-Section of Corporate Capital Structure (2008, background): “This finding is consistent with Leary and Roberts (2005) and Hovakimian (2006), who suggest that an important motivation behind debt policy is capital structure rebalancing.”
Determinants of capital structure: an empirical study of firms in Iran (2015, unknown): “This is also consistent with the findings of Thies and Klock (1992), Flannery and Rangan (2006) and Hovakimian (2006).”